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BastCore Raises $2.8M in Series A Funding

Poseidon Asset Management participated in the round.
The company intends to use the proceeds to further enhance its proprietary decortication and degumming technology, hire new personnel and serve the demand it is seeing from the textiles market in addition to many other markets.
Founded in 2014 and led by CEO Coleman Beale, BastCore buys hemp stalks and sells fiber products. The company specializes in processing industrial hemp and has the opportunity to supply the raw material for over 25,000 industrial use cases and applications.
FinSMEs ....

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BastCore raises $2.8 million to expand hemp production

BastCore raises $2.8 million to expand hemp production
knittingindustry.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from knittingindustry.com Daily Mail and Mail on Sunday newspapers.

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Backing for BastCore's hemp expansion

Backing for BastCore’s hemp expansion ....

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These 5 VCs have high hopes for cannabis in 2021 – TechCrunch

These 5 VCs have high hopes for cannabis in 2021
Cannabis has always been essential to some. While it had seemed to start last year in a bit of a correction, demand for it during the pandemic (and its widespread designation as an essential business), created a breakthrough for the industry. We saw early signs of that in our cannabis investor survey back in May of 2020.
Today, TechCrunch has surveyed five key investors who touch different aspects of the cannabis business, based on our TechCrunch List of top investors who founders recommend to us, and other sources. We asked these investors the same six questions, and each provided similar thoughts, but different approaches. Despite remaining headwinds, the future is looking up for most cannabis businesses, according to these investors. ....

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Industrial hemp processing plant BastCore opens in Montgomery

A former steam plant on the outskirts of Montgomery that once powered America’s first municipal trolley system may be about to power a new American trend: the rise of the nation’s industrial hemp business.
“We’ve talked about building a company, but really we’re trying to build an industry here,” BastCore co-founder Coleman Beale said. “We see this as the opportunity to really be the center of industrial hemp.”
Federal and state laws now allow for the growing and production of industrial-quality hemp, which has a very low content of THC, the active ingredient in marijuana. The 60,000-square-foot BastCore plant at 715 Shady St. takes in hemp stalks from a nearby farm to process into fiber, chips and other materials for use across different industries. ....

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